Power Up Your FP&A with Data

Learn how to crush it with insight from our latest survey, The Evolution of Technology & Trends

"FP&A leaders are regarded as trusted advisers across the organization to make strategic and operational decisions. The Office of Finance face many challenges in order to reach their full potential of strategic and influential FP&A. Prophix Software allows for senior Finance professionals to gain insight with relevant & timely data, freeing up time for more strategic analysis."

Alok Ajmera, President & COO, Prophix Software

Shoot for the high score on our new interactive quiz, featuring advice from FP&A experts:

</p>
<div>
Get Ready to Crush It with Prophix</div>
<div>
Prophix surveyed over 300 FP&A leaders worldwide to create their latest report, FP&A Empowerment: The Evolution of Technology & Trends. Take a sweet bite out of the results and get ready to crush your data in 2018!</div>
<div>
<div>
THE FUTURE OF BUSINESS FINANCE</div>
<div>
HOW TO</div>
<div>
IN 2018</div>
<div>
Making Financial Decisions</div>
<div>
Making Financial Decisions</div>
<div>
David Chase</div>
<div>
Managing Partner &<br />
CEO<br />
Advanced CFO</div>
<div>
You Crushed It!</div>
<div>
Finance is Run by the Gut! Over 59% of companies surveyed report that they predict forward-looking results without looking at any data analysis.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Less than half of our survey participants report that most of their decisions are based on data. Only 18% report having access to the data they need! Even worse, only 6% have it in a timely manner to make informed decisions.</div>
<div>
You Crushed It!</div>
<div>
Finance professionals feel driven to move past report generation and into value-added insight, but they aren’t sure exactly how to do so.</div>
<div>
The convergence of finance, data visualization, and data science leaves many in the field of finance feeling threatened. The continuing role of finance will be to embrace software and technology, release the ownership of repeatable processes to machines, and leverage their capabilities to assist in answering the ‘so what’.</div>
<div>
You Crushed It!</div>
<div>
Making Financial Decisions</div>
<div>
Ranica Arrowsmith</div>
<div>
Technology Editor<br />
Accounting Today</div>
<div>
You Crushed It!</div>
<div>
It takes both experience and data to make informed decisions. When finance professionals talk about making decisions on gut feel, they may not be conveying the important fact that gut feeling is a combination of emotion, and experience, and knowledge.</div>
<div>
Just as it may not be advisable to make a decision based solely on emotion, it may not be advisable, either, to make a decision based solely on cold data. For instance, sometimes the ethical decision to make may go against what the pure data suggests the decision should be. To make that kind of decision, emotions are necessary.</div>
<div>
You Almost Crushed It!</div>
<div>
You Crushed It!</div>
<div>
It takes both experience and data to make informed decisions. When finance professionals talk about making decisions on gut feel, they may not be conveying the important fact that gut feeling is a combination of emotion, and experience, and knowledge.</div>
<div>
You Crushed It!</div>
<div>
Finance is run by the gut! Over 59% of companies surveyed report that they predict forward-looking results without looking at any data analysis.</div>
<div>
Just as it may not be advisable to make a decision based solely on emotion, it may not be advisable, either, to make a decision based solely on cold data. For instance, sometimes the ethical decision to make may go against what the pure data suggests the decision should be. To make that kind of decision, emotions are necessary.</div>
<div>
Data Analysis Challenges</div>
<div>
You Crushed It!</div>
<div>
In fact, generating information is the least of their worries. Information comes from too many sources — 31% report having no single source of data truth is the most challenging issue they face for planning & analytics.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
51% of FP&A professionals’ time is spent on data collection and validation, leaving little time for analysis.</div>
<div>
You Crushed It!</div>
<div>
51% of FP&A professionals’ time is spent on data collection and validation, leaving little time for analysis.</div>
<div>
Data Analysis Challenges</div>
<div>
Robert D. Kugel, CFA</div>
<div>
SVP & Research Director of CFO and Business Research<br />
Ventana Research</p>
</div>
<div>
You Crushed It!</div>
<div>
Robert also agrees that many organizations store their data in spreadsheets. However, every department needs a data repository that contains reliably accurate and up-to-date data.</div>
<div>
You almost crushed it!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Over 59% of companies surveyed report that they predict forward-looking results without looking at any data analysis.</div>
<div>
You Almost Crushed It!</div>
<div>
Robert also agrees that many organizations store their data in spreadsheets. However, every department needs a data repository that contains reliably accurate and up-to-date data.</div>
<div>
You Crushed It!</div>
<div>
Departments need spreadsheets to be able to make well-informed decisions based on consistently accurate information. But finance departments should have a data repository that contains reliably accurate and up-to-date data.</div>
<div>
Robert also agrees that many organizations store their data in their ERP systems. However, every department needs a data repository that contains reliably accurate and up-to-date data.</div>
<div>
Real-Time Scenario Analysis</div>
<div>
You Crushed It!</div>
<div>
Only 10% of companies reported they find it easy or somewhat easy to perform scenario analysis.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Only 10% of companies reported they find it easy or somewhat easy to perform scenario analysis. 9 out of 10 companies are struggling with this challenge!</div>
<div>
You Crushed It!</div>
<div>
Only 10% of companies reported they find it easy or somewhat easy to perform scenario analysis.</div>
<div>
Real-Time Scenario Analysis</div>
<div>
Peter Chisambara</div>
<div>
Founder & Principal Consultant<br />
ERPM Insights</div>
<div>
You Crushed It!</div>
<div>
Manual processes, fragmented data, incoherent systems, and unnecessary effort being spent on data collection and validation are all impeding real-time analysis. Manual processes limit the ability to introduce last minute changes to decision making models.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Over 59% of companies surveyed report that they predict forward-looking results without looking at any data analysis.</div>
<div>
You Crushed It!</div>
<div>
It’s imperative. CFOs need to leverage modern digital solutions, automate routine processes and create more time for strategic analysis and insightful decision support.</div>
<div>
Real-Time Scenario Analysis</div>
<div>
Gabrielle Luoma, CPA, CGMA</div>
<div>
Founder & CEO<br />
GMLCPA</div>
<div>
You Crushed It!</div>
<div>
Historical data — which could be just days old — will be the best indicators of how your key business strategies are playing out and how you can make quick changes to predict the future.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Communication is key. Both must work together to create systems that will help accounting deliver relevant and accurate information, while finance communicates what information is needed.</div>
<div>
You Crushed It!</div>
<div>
Historical data — which could be just days old — will be the best indicators of how your key business strategies are playing out and how you can make quick changes to predict the future.</div>
<div>
Developing a Strategic Approach</div>
<div>
You Crushed It!</div>
<div>
Finance VPs only spend 17% of their time on high-value activities. FP&A teams on average would like to spend 48% of their time on high-value activities, but report they only spend 21% today.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Finance VPs only spend 17% of their time on high-value activities. FP&A teams on average would like to spend 48% of their time on high-value activities, but report they only spend 21% today.</div>
<div>
You Crushed It!</div>
<div>
Finance VPs only spend 17% of their time on high-value activities. FP&A teams on average would like to spend 48% of their time on high-value activities, but report they only spend 21% today.</div>
<div>
Developing a Strategic Approach</div>
<div>
Darryl Bannon</div>
<div>
Director<br />
Darryl Bannon Consulting Ltd</p>
</div>
<div>
Developing a Strategic Approach</div>
<div>
Magnus Lind</div>
<div>
CEO Skanör Group and Author ‘FINANCE UNLEASHED – Leveraging the CFO for Innovation’ Skanor Group</p>
</div>
<div>
Developing a Strategic Approach</div>
<div>
David Worrell</div>
<div>
Founding Partner<br />
Fuse Financial Partners, LLC</p>
</div>
<div>
You almost crushed it!</div>
<div>
Getting your people involved is the first step. Start small to get the quick wins. Ask, how can I simplify a process? Do I need all the reports I run? Ask those who receive outputs from your department — do you still need them?</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Cutting out unnecessary meetings can free up the time to think about developing further new ideas. Next, demonstrate to your staff that the investment of time pays off.</div>
<div>
You Almost Crushed It!</div>
<div>
Getting your people involved is the first step. Start small to get the quick wins. Ask, how can I simplify a process? Do I need all the reports I run? Ask those who receive outputs from your department — do you still need them?</div>
<div>
Cutting out unnecessary meetings can free up the time to think about developing further new ideas. Next, demonstrate to your staff that the investment of time pays off.</div>
<div>
There are a few steps needed before you source an effective automated solution. First, work with your team to have a clear understanding of how your department works and what gaps there are in their productivity.</div>
<div>
You Crushed It!</div>
<div>
The inside-out perspective treats the financial processes as independent links, effectively chopping up the chain into silos. To get control over the financial supply chain, start treating it as a chain with a customer at the end — aligning the office of finance to the overall business goal by looking outside-in.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
With an outside-in perspective, the CFO take the customer-centric approach. Currently, we treat the financial processes as independent links, effectively chopping up the chain into silos. To get control over the financial supply chain, start treating it as a chain with a customer at the end — aligning the office of finance to the overall business goal.</div>
<div>
You Crushed It!</div>
<div>
With an outside-in perspective, the CFO takes the customer-centric approach. Currently, we treat the financial processes as independent links, effectively chopping up the chain into silos. To get control over the financial supply chain, start treating it as a chain with a customer at the end — aligning the office of finance to the overall business goal.</div>
<div>
You Crushed It!</div>
<div>
It’s important to be willing to sacrifice a certain level of detail, and automate as much accounting and reporting as possible.</div>
<div>
Try Again!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Over 59% of companies surveyed report that they predict forward-looking results without looking at any data analysis.</div>
<div>
You Crushed It!</div>
<div>
It’s important to be willing to sacrifice a certain level of detail, and automate as much accounting and reporting as possible.</div>
<div>
Fortunately, today’s accounting packages are making it easy to automate all aspects of data collection and reporting.</div>
<div>
Try Again!</div>
<div>
Less than half of our survey participants report that most of their decisions are based on data. Only 18% report having access to the data they need! Even worse, only 6% have it in a timely manner to make informed decisions.</div>
<div>
Try Again!</div>
<div>
In fact, generating information is the least of their worries. Information comes from too many sources — 31% report having no single source of data truth is the most challenging issue they face for planning & analytics.</div>
<div>
Try Again!</div>
<div>
Only 10% of companies reported they find it easy or somewhat easy to perform scenario analysis. 9 out of 10 companies are struggling with this challenge!</div>
<div>
Try Again!</div>
<div>
Manual processes, fragmented data, incoherent systems, and unnecessary effort being spent on data collection and validation are all impeding real-time analysis. Manual processes limit the ability to introduce last minute changes to decision making models.</div>
<div>
Try Again!</div>
<div>
Communication is key. Both must work together to create systems that will help accounting deliver relevant and accurate information, while finance communicates what information is needed.</div>
<div>
Try Again!</div>
<div>
Finance VPs only spend 17% of their time on high-value activities. FP&A teams on average would like to spend 48% of their time on high-value activities, but report they only spend 21% today.</div>
<div>
Try Again!</div>
<div>
The inside-out perspective treats the financial processes as independent links, effectively chopping up the chain into silos. To get control over the financial supply chain, start treating it as a chain with a customer at the end — aligning the office of finance to the overall business goal by looking outside-in.</div>
<div>
Question 2 of 20</div>
<div>
<span id=”smart_text-st0″ class=”smart_text”></span> <span id=”smart_text-st1″ class=”smart_text”></span> <span id=”smart_text-st2″ class=”smart_text”></span> Question 1 of 20</div>
<div>
Question 2 of 13</div>
<div>
Question 1 of 13</div>
<div>
Question 2 of 20</div>
<div>
Question 3 of 13</div>
<div>
Question 4 of 13</div>
<div>
Question 5 of 20</div>
<div>
Question 6 of 13</div>
<div>
Question 7 of 13</div>
<div>
Question 8 of 13</div>
<div>
Question 9 of 13</div>
<div>
Question 10 of 13</div>
<div>
Question 11 of 20</div>
<div>
Question 12 of 20</div>
<div>
Question 13 of 20</div>
<div>
Question 13 of 20</div>
<div>
Question 11 of 13</div>
<div>
Question 12 of 13</div>
<div>
Question 13 of 13</div>
<div>
Question 17 of 20</div>
<div>
With the right data and analytical capabilities, the finance department can help shape the future of business. But are FP&A leaders ready to take on the challenge and crush it?</p>
<p>We surveyed over three hundred FP&A leaders worldwide to create our latest report, FP&A Empowerment: The Evolution of Technology & Trends. Then we asked some of finance’s top-scoring players to interpret the results and offer advice.</p>
<p>Explore this interactive quiz to see what the data says, what our experts advise, and how you can hit the FP&A leaderboards this year.</p>
</div>
<div>
Player One: Get Ready to Crush It!</div>
<div>
LEVEL</div>
<div>
LEVEL 1:</div>
<div>
out of 6</div>
<div>
out of 9</div>
<div>
out of 9</div>
<div>
LEVEL 2:</div>
<div>
Data Analysis Challenges</div>
<div>
Real-Time Scenario Analysis</div>
<div>
LEVEL 3:</div>
<div>
Developing a<br />
Strategic Approach</div>
<div>
LEVEL 4:</div>
<div>
Historically, the finance department has been the scorekeeper, reporting on past activity. Now FP&A leaders are challenged to look forward, helping shape the future of the company. Informed, data-driven decision making is crucial for this new role.</div>
<div>
How does your finance department compare to the rest of the industry? Get the data you need to benchmark your performance and crush it in the future:</div>
<div>
LEVEL</div>
<div>
LEVEL 2:</div>
<div>
LEVEL 1:</div>
<div>
Making Financial Decisions</div>
<div>
Real-Time Scenario Analysis</div>
<div>
LEVEL 3:</div>
<div>
Developing a<br />
Strategic Approach</div>
<div>
LEVEL 4:</div>
<div>
When it comes to data, quality matters more than quantity. Proper analysis requires breaking down silos, aggregating data, and creating a verified repository of “data truth.”</div>
<div>
LEVEL</div>
<div>
LEVEL 3:</div>
<div>
LEVEL 1:</div>
<div>
Making Financial Decisions</div>
<div>
Data Analysis Challenges</div>
<div>
LEVEL 2:</div>
<div>
Developing a<br />
Strategic Approach</div>
<div>
LEVEL 4:</div>
<div>
On-the-fly analysis is a crucial element of a forward-thinking finance department. FP&A leaders must create a data environment that supports quick, flexible forecasting.</div>
<div>
LEVEL</div>
<div>
LEVEL 4:</div>
<div>
LEVEL 1:</div>
<div>
Making Financial Decisions</div>
<div>
Data Analysis Challenges</div>
<div>
LEVEL 2:</div>
<div>
Real-Time Scenario Analysis</div>
<div>
LEVEL 3:</div>
<div>
Digital transformation for the finance department is more than just cosmetic changes. To truly crush it, FP&A leaders must align people, processes and technology towards their new goals.</div>
<div>
out of 9</div>
<div>
How does your finance department compare to the rest of the industry? Get the data you need to benchmark your performance and crush it in the future:</div>
<div>
Data Analysis Challenges</div>
<div>
Jim Marous</div>
<div>
Co-publisher<br />
The Financial Brand</div>
<div>
Question 5 of 13</div>
<div>
You Crushed It!</div>
<div>
Rather than a single data truth, we need to assemble the data sources and conduct the advanced analysis based on the information we have at any point in time.</div>
<div>
You almost crushed it!</div>
<div>
Finance is Run by the Gut!</div>
<div>
Data truth comes from a combination of internal and external insights, refined and processed by artificial intelligence and machine learning continuously.</div>
<div>
You Almost Crushed It!</div>
<div>
Rather than a single data truth, we need to assemble the data sources and conduct the advanced analysis based on the information we have at any point in time.</div>
<div>
You Crushed It!</div>
<div>
Data truth comes from a combination of internal and external insights, refined and processed by artificial intelligence and machine learning continuously.</div>
<div>
Data truth comes from a combination of internal and external insights, refined and processed by artificial intelligence and machine learning continuously.</div>
<div>
Share This!</div>
<div>
Share This!</div>
<div>
Share This!</div>
<div>
Making Financial Decisions</div>
<div>
Data plays a key role, of course, but emotions and decision making are inextricably linked. In fact, when people experience emotional impairment, they have more difficulty making decisions. This suggests that emotions — sometimes identified as “gut feeling” — are integral to the decision making process.</div>
<div>
Data Analysis Challenges</div>
<div>
Data truth comes from a combination of internal and external insights, refined and processed by artificial intelligence and machine learning continuously.</div>
<div>
Robert also agrees that many organizations store their data in their ERP systems. However, every department needs a data repository that contains reliably accurate and up-to-date data.</div>
<div>
Departments need spreadsheets to be able to make well-informed decisions based on consistently accurate information. But finance departments should have a data repository that contains reliably accurate and up-to-date data.</div>
<div>
There are a few steps needed before you source an effective automated solution. First, work with your team to have a clear understanding of how your department works and what gaps there are in their productivity.</div>
<div>
Fortunately, today’s accounting packages are making it easy to automate all aspects of data collection and reporting.</div>
<div>
Share This!</div>
<div>
Real-Time Scenario Analysis</div>
<div>
Developing A Strategic Approach</div>
<div>
Share This!</div>
</div>
<p>

12% of FP&A professionals have access to the right data at the right time to inform strategic decisions.